Kolubara Mining Basin requires up to EUR 150 million investment a year to open new mines

Kolubara Mining Basin requires between 120 and 150 million euros worth of investment a year to open new mines, people at that company said today.

When he received the representatives of the German Business Delegation to Serbia and the German-Serbian Business Association at Kolubara Mining Basin, the director of that company, Milorad Grcic, said that he expected a stronger cooperation with companies from Germany in the future.

- The vision of the management of Kolubara is to improve production and cooperation with serious power system, and it is clear that the German economy is a leader in Europe - he said.

Grcic stressed that it was necessary to provide money for investments in equipment, new mines, adding that a long-term strategic plan was to boost production.

Kolubara Mining Basin has about 10,800 employees.

Director of the German Business Delegation to Serbia Michael Schmit said that Germany had been helping Serbia and Kolubara through a development aid for more than 10 years.

He recalled that Germany had contributed about EUR 400 million to Serbia's power system since 2000.